Payday Loan Fairy

They offer a debt managment service aimed at consolidating debt into one monthly payment, My friend is thinking of using this sevice but we wanted to know if its ligit. Its not a IVA as she is not over 15,000 worth of debt. Ive searched online to see if there is anything saying it may be a scam but cant seem to find anything on it what so ever (other than there own website) Thanks.

Please go to www.ripoffreport.com and type them in
There might be a few different spellings (with the hyphen and without it) so be patient.
The federal government seems to think that whatever a debt management company can do, you can do yourself with a bit of time and paitence

2008-01-22 12:03:31 by Kayleigh & James

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I am looking online to see if I can find a place that can consolidate my debt. All I am finding are places for credit card debt. Are there any places that just do general debt consolidation? I have only have two credit cards and the majority of my debt is medical bills, but it doesn't seem like they take care of the medical bills according to all these websites. Any help is appreciated!!

You basically have one main choice (a loan or a debt consolidation service) and then options for each. Here's some detail on each choice.

Debt Consolidation Loan
Many people think first of a debt consolidation loan when seeking online debt consolidation. This option typically means a second home loan (or home equity line of credit) or refinancing your primary mortgage (or, in rare cases, a new unsecured personal loan). In a debt consolidation loan, you exchange one loan for another. The most frequent form is taking out a mortgage loan, which carries a lower interest rate and is tax deductible, to pay off high interest rate credit card debt. It is important to be aware that shifting unsecured debt to secured debt can create a volatile situation, if there is ever a chance that you cannot afford the new mortgage payment you are now putting yourself at risk of foreclosure! In the case of a debt consolidation loan, most mortgages are 30 year loan, which means that the total cost and the time to debt freedom could be very high… but the monthly payment will be lower than other options and there is no credit rating impact. If you do not qualify for a home equity loan, then the only other option would be to apply for an unsecured personal loan to consolidate your debt.

Credit Counseling
Credit counseling, or signing up for a debt management plan, is a very common form of online debt consolidation. There are many companies offering online credit counseling, which is essentially a way to make one payment directly to the credit counseling agency, which then distributes that payment to your creditors. Most times, a credit counseling agency will be able to lower your monthly payments by getting interest rate concessions from your lenders or creditors. It is important to understand that in a credit counseling program, you are still repaying 100% of your debts – but with lower monthly payments. On average, most online credit counseling programs take around five years. While most credit counseling programs do not impact your FICO score, being enrolled in a credit counseling debt management plan DOES show up on your credit report… and, unfortunately, many lenders look at enrollment in credit counseling akin to filing for Chapter 13 Bankruptcy – or using a third party to re-organize your debts.

Debt Settlement
Debt settlement, also called debt negotiation, is a form of online debt consolidation that cuts your total debt, sometimes over 50%, with lower monthly payments. Debt settlement programs typically run around three years. It is important to keep in mind, however, that during the life of your debt settlement program, you are NOT paying your creditors. This means that a debt settlement solution of online debt consolidation will negatively impact your credit rating. Your credit rating will not be good, at a minimum, for the term of your debt settlement program. However, debt settlement is usually the fastest and cheapest way to debt freedom, with a low monthly payment, while avoiding Chapter 7 Bankruptcy. The trade-off here is a negative credit rating versus saving money. A company like Freedom Debt Relief does this.

Net-net: while there are many forms of online debt consolidation, many people with good to perfect credit who own homes should look into debt consolidation loans, while consumers with high credit card debt and poor credit may want to explore debt settlement or debt negotiation. However, each consumer is different, so find the online debt consolidation option that fits for you.

You can apply for a free consultion here : https://www.bills.com/debthelp/debt

I really hope this helps you... but do your homework on your options and the company that you pick first!

2008-10-03 06:03:32 by KaTeLyN

I need to consolidate my debts and I was researching them online, but there are so many that I was overwhelmed. Does anybody know of any that will help with lower amounts (under $5000) of unsecured debts??? I want to consolidate everything into one bill, that will (hopefully) be lower than what I am paying now per month and hopefully I can close out some of the accounts that I have & no longer want.

The only one I would recommend would be the NFCC(National Foundation for Credit Counseling. They are non-profit and can probably help you. Most of the other ones work for the creditors and not for you. They can ruin your credit further and charge ridiculous fees.

2007-06-25 11:02:44 by Diva813

I want to consolidate all my debt. But first I need to know how the online compnaies are rated, preferably by a government organization.

You can utilize the website run by TASC i believe the link is tascsite.org

Debt settlement comapnies are listed there that follow and meet all of the guidelines for proper settlement techniques and procedures.

Based on the amount of debt you have an experienced consultant can review and give you your options.

2007-01-21 14:12:54 by pmlenert

I am with a debt management program that consolidated my debt. One of my debts is a credit card with Bank of America. This account has been through two different collectors, NCO Financial, and National Enterprise Systems.

When I attempted to make payment through my program to these collectors they both denied the payment and returned it to me.

I was recently informed by the debt management company that NES had closed the account. I called NES to ask what happened and they told me they had returned the account to the original creditor.

It's been a few months and I have not received any official notices or documents from BOA notifying me of their possession and terms for my account/debt. The debt has appeared on my online bank statement, but not on my paper mailed statements.

I have read it is illegal for collectors to not properly notify you about your debt and their terms for collection. BOA has not. Do I contact them or wait for them to properly contact me?

I've got good news, bad news, and good news again. The good news, I work for bank of america, the bad news, if the collection agencie has told you they have returned the debt to us then that means that we are officailly chargeing that baby off. it will now st on the books for seven years as a bad debt. and no we don't have to contact you when we do that because it means that we are no longer attempting to collect the debt. The other possibility is semi good news. because you have gone throgh a debt management program the collection agencie may have bailed on the collection because they can't earn a commision if you go through that kind of plan. the better news. call the card services department at BOA and talk to an account manager. you may still be eligible to use a repayment plan like that to clear the debt instead of being charged off. the phone number to call is 1-800-732-9194. It never hurts to try and it will only help restore your credit faster. once it is paid you will be given status of "debt satsfied" on your credit report, and since we will be reporting that payments are being made you will be able to appy for credit almost imediately after you finish your program if you want. Good luck and hope things work out well for you.

2007-01-11 22:18:12 by jetkitty83

I have never done anything like this and would like to know more about it. I don’t want to have to pay interest fees along with the entire debit. I have looked online for “debt consolidation” companies and am a little overwhelmed…any help I can get to put me in the right direction is very much appreciated!
Most of my debt is in collections (old hospital bills, cable, cell phone etc), I have no credit cards.
I don't own a home and to my knowledge none of them have interest rates.

Don't go to a company... it is very simple but it depends on how the debt is spread out.

If it is high interest credit cards, then find one low interest card to put all the money on. If your credit is good enough then you'll qualify for a 0% limited time card. I flipped dept on 0% cards for years until I got it paid down.

Your besty bet is go to a local bank or credit union and take out a low interest loan for the amount you want to consolidate. This might be your best bet since it's 10K. It will be one set monthy payment, depending on how long you'll need to pay it back, figure 4-5 years you'll be in the $220-270 a month range.

DO NOT go to a credit help comany or crap like that... it'll show up on your report and reflect negativly on your score.

2008-01-08 12:19:47 by Ducky